GQG Flows and Fair value, page-23

I think it's highly unlikely we see another crash anytime soon.

In fact if you look at the Russell 2000, you will see most of the high growth stocks outside of Fang's have been in a bear market for the last month already. There is a fair bit of quality to be found (Square/Block, Paypal, spotify etc) which I think have been unfairly grouped in the ARKK bucket of trash. I also believe the reopening trade is grossly over-estimated. Supply chain issues will persist, costs will continue to increase and profitability will remain low. If we couple that with higher rates we will be in a very low growth environment.

I'm probably bearish just about everything from here other than that bucket. FANG's will continue to outperform albeit it at lower growth rates then before. Should be able to find some good growth in those areas. Good article about where we are at here - https://www.hyperion.com.au/news/part-5-what-if-our-views-on-inflation-turn-out-to-be-wrong/

GQG seem to be more on the Quality side with some Fang exposure. Their portfolio looks quite good, I just don't think it will provide meaningful performance over the benchmark. I think they can probably add real value across EM where the competition is quite weak. However, it's traditionally been quite hard to grow FUM in that area in Australia for some reason.

If I had to pick a fund manager to buy and hold for the next 5 years I'd probably still take GQG over MFG, but with the recent price correction it's now a lot closer.

I'll probably just avoid them both for now unless GQG gets a bit cheaper.